NYSE: VZ - Verizon

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 2.76
CAGR EPS = -9.94%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.76 * (1 + -9.94%) / (0.0433 * 2) = 28.66

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 3.36
g = -0.0195
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = -0.2805
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2805 * 5.94 + 0 = 0.0115
Price = (3.36 * (1 + -0.0195)) / (0.0115 - -0.0195) = 106.26

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 37.07
Ebitda Yield = -0.0157
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 5.52
Debt = 149.92
Market Cap = 139.49
Weight Debt = Market Cap / (Market Cap + Debt) = 139.49 / (139.49 + 149.92) = 0.482
Weight Cost Debt = 100% - 0.482 = 0.518
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = -0.2805
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2805 * 5.94 + 0 = 0.0115
WACC = (5.52 / 149.92) * (100% - 0.482) * (1 - 0.21) + 0.0115 + 0.482 = 2.9
Terminal Value = Discount (37.07 * (1 + -0.0157) / (2.9 - -0.0157)) = 706.44
Company Value = ∑ (37.07 / (1 + 2.9) ^ 5) = 175.96
Price = (Terminal Value + Company Value) / Count shares = (706.44 + 175.96) / 4215000000 = 209.35

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 20.29
FCF Yield = 0.0163
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 5.52
Debt = 149.92
Market Cap = 139.49
Weight Debt = Market Cap / (Market Cap + Debt) = 139.49 / (139.49 + 149.92) = 0.482
Weight Cost Debt = 100% - 0.482 = 0.518
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = -0.2805
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2805 * 5.94 + 0 = 0.0115
WACC = (5.52 / 149.92) * (100% - 0.482) * (1 - 0.21) + 0.0115 + 0.482 = 2.9
Terminal Value = Discount (20.29 * (1 + 0.0163) / (2.9 - 0.0163)) = 1407.95
Company Value = ∑ (20.29 / (1 + 2.9) ^ 5) = 90.14
Price = (Terminal Value + Company Value) / Count shares = (1407.95 + 90.14) / 4215000000 = 355.42